Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Canadian Diamond Play Cafi -- Ignore unavailable to you. Want to Upgrade?

To: Bob Fairchild who wrote (1453)	10/21/2003 9:02:33 AM
From: rdww	Respond to of 16206

Pele Mountain Resources Inc.: Bulk Sampling Set to Begin at Festival Property Tuesday October 21, 8:03 am ET TORONTO, ONTARIO--Pele Mountain Resources Inc. (TSE-V:GEM)("Pele" or the "Company") is pleased to announce that diamond exploration at Pele's Festival Property is advancing actively following the signing of an Option and Joint Venture Agreement (the "Agreement") with De Beers Canada Exploration Inc. ("De Beers") as previously announced in Pele's Press Release of July 31, 2003. ADVERTISEMENT During August 2003, De Beers initiated a diamond exploration program beginning with a high resolution (50 metre line spacing) airborne magnetic and electromagnetic geophysical survey over the entire 101 square kilometre Festival Property. Since then De Beers has conducted mechanical stripping, washing, channel sampling for micro diamond processing, detailed geological mapping, and sampling for petrology and whole rock chemistry at the Mumm, Moet and Genesis diamond occurrences. De Beers has also set up an office and warehouse facility in Wawa and completed relocation and modification of an on-site crushing and screening plant and road upgrades in preparation for bulk sampling. Al Shefsky, President and CEO of Pele stated, "The level of intensity, commitment, and technical expertise that De Beers has brought to the project since arriving on-site in August has been impressive. As permitted under a unique provision of the Agreement, Pele has also maintained an active exploration program on the Festival Property during this time and a close working relationship has been established between Pele and De Beers and their respective experts, consultants and contractors. Substantial exploration progress has been achieved to date and will be followed up with a bulk sampling program by De Beers that is on schedule to commence before the end of this month." This press release has been reviewed and approved by Dr. Edward Walker, P. Geo of PetroLogic Inc. an independent consultant and Qualified Person. Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe Pele's future plans, objectives or goals, including words to the effect that Pele or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements. None of the Company's properties have any known ore body of economic or commercial value. Common Shares Outstanding: 39,509,014 -------------------------------------------------------------------------------- Contact: Al Shefsky President Phone: (416) 368-7224